Page 46 - RusRPTSept23

3.0 Macro Economy
3.1 Macroeconomic overview
Russia’s gross domestic product (GDP) grew by 4.8% on the year in April-June, the central bank said late on August 1. In January–March, the economy contracted by 1.8%. "The factual data for the first quarter and the latest data for the second quarter of 2023 indicate a higher GDP increase in 2023 than expected in a forecast of the April report on the monetary–credit policy," the authority said. The July–September GDP growth is expected at 3.6% and the October–December at 1.5%.
After several consecutive months of recovery, growth in seasonally adjusted industrial output yet stalled in June. The situation was about the same in both mining & quarrying and manufacturing. Mining & quarrying output has increased slowly since the start of the year, while manufacturing output
RUSSIA Country Report September 2023 www.intellinews.com